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☆ Saudi Arabia’s oil production cuts have tipped its economy into reverse
▼ + stars: | 2023-11-03 | by ( Aimee Look | ) edition.cnn.com time to read: +2 min

Abu Dhabi CNN —Saudi Arabia’s economy has jolted into reverse, after the world’s largest crude oil exporter slashed output to prop up prices. Saudi oil production to nine million barrels per day in July as the biggest player in the OPEC+ alliance joined forces with Russia to restrict supply amid signs of weakening demand because of a slowing global economy. “We expect [oil] production to remain low until the end of this year, with a slow unwind in early 2024,” Oxford Economics analysts wrote in a note published Friday. Saudi Arabia’s oil cuts were aimed at stabilizing global oil markets, according to Raif Weigert, Economics Director for the Middle East and North Africa at S&P Global Market Intelligence. While other Gulf states have also come under economic pressure from cuts to oil production, the United Arab Emirates economy has continued to grow.

Persons: Raif, Weigert, “ Organizations: Abu Dhabi CNN — Saudi, Oxford, Monetary Fund, P Global Market Intelligence, “, Saudi, United Arab Locations: Abu Dhabi, Saudi, OPEC, Russia, East, North Africa, United Arab Emirates, UAE

[1/4] Brothers Rada Rashed, 33, and Raif Rashed, 39, from the Israeli Druze minority, recount to Reuters how they survived the October 7 Nova Festival attack, in Daliyat Al-Karmel, Israel October 30, 2023. Acquire Licensing RightsDALIYAT AL-KARMEL, Israel, Oct 31 (Reuters) - Hired to cater for an all-night Israeli music festival, Rada and Raif Rashed fled for their lives just after dawn, when Hamas militants rampaged through the crowd on Oct. 7 turning the celebration into a place of horror. I now have two birth dates; the original one on March 15 and the new one is on Oct. Rada and his brother Raif, 39, were caterers at the Nova festival, close to Gaza, when the Hamas gunmen arrived. Young women at the festival "were begging Hamas members not to kill them," he said.

Persons: Rada Rashed, Raif Rashed, Ammar Awad, Raif, Rada, Leonardo Benassatto, Mustafa Abu Ganeyeh, Daliyat al, Kamel, Stephen Farrell, Janet Lawrence Organizations: Rada, Festival, REUTERS, Health, Thomson Locations: Daliyat Al, Israel, Rada, Kibbutz Re'im, Gaza, Hamas's, Daliyat, London

LONDON, March 10 (Reuters) - Zodia Custody, a crypto custodian owned by Standard Chartered (STAN.L), said on Friday it has registered its Irish unit with Luxembourg's financial regulator. The registration will allow Zodia to provide digital asset custody services for financial institutions in Luxembourg, the company said. According to the regulator's website, Zodia will be subject to supervision from the watchdog for compliance with rules around anti-money laundering and combating the financing of terrorism. "There is a massive opportunity for financial institutions to offer a range of products and services related to cryptoassets," John Cronin, chief executive of Zodia Custody Ireland, said in a statement on Friday. Reporting by Elizabeth Howcroft; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

ONE AFTERNOON last month, Eristheo Raif freed his shins with the swoosh of two zips. Mr. Raif, 35, a Los Angeles high-school teacher, had been in a chilly classroom all morning, but it was time for P.E. Since the bottom halves of his new convertible cargo pants detach above the knees, he could unsheath his shanks in seconds. When a student inquired, “Weren’t they pants?” Mr. Raif replied, “Yeah, but it got hot, so now they’re shorts!” He last wore convertible cargos in the early 2000s. Indeed: These pants are “a big thing,” said Katie Devlin, an analyst at trend-forecasting agency Stylus.

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